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Bellingham Bulletin September 2022

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<strong>September</strong> <strong>2022</strong> Find us on Facebook | bellinghambulletin Page 23<br />

Register O’Donnell<br />

Reports on July Real<br />

Estate Activity in Norfolk<br />

County<br />

Norfolk County Register of<br />

Deeds William P. O’Donnell reported<br />

that the July <strong>2022</strong> numbers<br />

relative to Norfolk County<br />

recordings indicate a continuing<br />

decrease in overall real estate activity<br />

compared to the July 2021<br />

numbers but show a marked increase<br />

in average sale prices.<br />

“Our data indicates that<br />

the Norfolk County real estate<br />

numbers in July demonstrate<br />

a continued slowdown in<br />

the market compared to 2021<br />

and a slight decrease from the<br />

month of June,” noted Register<br />

O’Donnell. “There were 10,884<br />

documents recorded at the Norfolk<br />

County Registry of Deeds in<br />

July, a 35% decrease from July,<br />

2021 and a decrease of 16%<br />

from June, <strong>2022</strong>”.<br />

“The number of deeds for<br />

July <strong>2022</strong>, which reflect real<br />

estate sales and transfers, both<br />

commercial and residential,<br />

show a decrease of 26% from<br />

July, 2021 and a decrease of 21%<br />

from the previous month. However,<br />

sale prices continue to rise.<br />

The average sale price in July<br />

was $1,220,594, a 20% increase<br />

compared to July 2021 and a<br />

slight 3% increase from June.<br />

Total dollar volume of commercial<br />

and residential sales is down,<br />

decreasing 11% from one year<br />

ago and decreasing 19% from<br />

last month,” noted the Register.<br />

Overall lending activity show<br />

a pronounced trend downward<br />

for the month of July. A total of<br />

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1,886 mortgages were recorded<br />

during the month, a significant<br />

decrease of 45% compared to a<br />

year ago and a decrease of 19%<br />

from June. “It appears that the<br />

increase in the mortgage interest<br />

rates and the fact that many consumers<br />

have already refinanced<br />

continue to impact mortgage activity,”<br />

noted O’Donnell.<br />

A continuing cause for concern<br />

in Norfolk County is the<br />

number of pending foreclosures.<br />

The Norfolk County Registry of<br />

Deeds has been closely watching<br />

the foreclosure market. In July,<br />

there were 9 foreclosure deeds<br />

recorded as a result of mortgage<br />

foreclosures taking place<br />

in Norfolk County, four more<br />

than in July, 2021 and two more<br />

than in June. However, there<br />

were 21 Notices to Foreclose,<br />

the first step in the foreclosure<br />

process, recorded in July, up significantly<br />

from only 5 recorded<br />

in July 2021. “The dramatic increase<br />

in the number of these<br />

notices is alarming. It indicates<br />

that more of our neighbors are<br />

facing financial challenges going<br />

forward”, said O’Donnell. “We<br />

will continue to monitor these<br />

numbers.”<br />

To learn more, find Norfolk<br />

County Register of Deeds on<br />

Facebook.com/NorfolkDeeds<br />

or follow them on twitter.com/<br />

NorfolkDeeds and Instagram.<br />

com/NorfolkDeeds, or visit<br />

www.norfolkdeeds.org.<br />

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